ALEC in National Review: Despite Latest Inflation Report, These States Are Poised to Flourish
With smart tax policy and fiscal responsibility, states can improve lives for their residents even if Washington continues its recklessness.
Jonathan Williams and Lee Schalk
May 30, 2022
Inflation rose again this month, up 8.3% since last April. From groceries to gasoline, Americans are feeling the squeeze. Meanwhile, leaders in Washington are calling for higher taxes – despite raking in a record $2.1 trillion in tax revenue in the first half of the fiscal year.
This tax and spend habit in Washington is the culprit for record levels of inflation and a national debt that recently surpassed $30 trillion. Fortunately, many states are countering the big government policies of D.C. with their own fiscally responsible reforms.
These states are highlighted in the newly released 15th edition of Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index. The 15 economic policy variables used to rank the economic outlook of states have proven over time to be influential for state competitiveness and growth. Since 2007, our research has documented how cutting taxes, paying down debt and maintaining free market policies have significantly helped states attract new residents.
Currently, the top five states in economic outlook are Utah, North Carolina, Arizona, Oklahoma and Idaho, while the least competitive states are Minnesota, Vermont, California, and New Jersey — with New York dead last.